Indian messaging platform Hike’s in-app electronic payments wallet has crossed five million transactions in 5 months with a growth rate of 30 percent per month.

Photo: Hike - InstagramHike backed by China’s Tencent Holdings is the first wallet service by a messaging platform in the country. It is now looking to give incentives to its 100 million registered users in order to get them use the wallet to further increase transactions on its platform.

The newly launched campaign by Hike will allow users to gift free money to friends and groups and receive money in their Hike Wallet.

"We are excited to see the Hike Wallet cross five million transactions per month so quickly. Given the tremendous growth we're seeing, we've decided to double down and have launched an innovative campaign for users to gift free money to their friends and groups and also introduced new features to enable a great group experience," VP Product Hike Messenger, Pathik Shah said in a statement.

Hike is also in talks with leading e-commerce firms like Amazon, Flipkart and others to add its wallet as a payment option on their platforms to expand its base in India’s digital wallet space currently led by Paytm.

Hike, part of India's Bharti Enterprises was launched in 2012 and currently has more than 100 million registered users. It entered the digital payment segment in June this year. Facebook-owned WhatsApp is expected to launch a similar wallet soon.